From 22 July 2013, the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”) and the supplementary level 2 Regulation (EU) No 231/2013 (the “Regulation”) will come into effect. This legislation will introduce an authorisation regime and centralised rulebook for the management and marketing within the European Economic Area (the “EEA”) of alternative investment funds (“AIFs”) by alternative investment fund managers (“AIFMs”). Importantly, it will also introduce a European passporting regime for such activities.
This alert aims to describe, through a series of questions and answers, how the Directive will affect AIFMs that do not have their registered office in an EEA state (“non-EEA AIFMs”) and which key dates should be borne in mind by such AIFMs. The expansive scope of the Directive and the heavy compliance burden that it may impose on fund managers, from as early as 22 July 2013, may surprise many non-EEA AIFMs. However, given that legislation implementing the Directive may not have been passed in all member states and/or may have been published in draft for consultation purposes only, we are unable to provide any definitive guidance or advice.
Please see full alert below for more information.
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